Novartis to buy nutrition business from Bristol-Myers

TedGriffith

BOSTON (CBS.MW) -- Swiss drugmaker Novartis
NVS, -0.36%
announced Tuesday that it will acquire the adult nutritional business of Mead Johnson & Co. for $385 million in cash. Mead Johnson is a unit of pharmaceutical company Bristol-Myers Squibb
BMY, +0.91%
Ahead of the news, shares of Bristol-Myers dipped 10 cents to $26.41, and U.S. -listed shares of Novartis edged up 3 cents to $44 on Monday.

Have breaking news sent to your inbox. Subscribe to MarketWatch's free Bulletin emails. Sign up here.

Intraday Data provided by SIX Financial Information and subject to terms of use. Historical and current end-of-day data provided by SIX Financial Information. All quotes are in local exchange time. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Intraday data delayed at least 15 minutes or per exchange requirements.